Iridium Gets $40 Target Ahead of Q2 as Cantor Backs Its IoT and D2D Expansion

Iridium Communications (NASDAQ:IRDM) is one of the best space stocks to buy according to hedge funds. On July 17, Cantor Fitzgerald reiterated its Overweight rating and set a $40 price target, ahead of Iridium’s Q2 earnings, citing its reliable profitability, even amid tariff pressures, and strong demand from government and enterprise IoT clients.

The firm also praised Iridium’s aggressive share buyback program, L-band network resilience, and expanding Direct-to-Device (D2D) and IoT roadmap, particularly as part of its calendar Q4 rollout.

Founded in 2001 and headquartered in McLean, VA, Iridium Communications operates a global L-band satellite constellation -- Iridium NEXT -- delivering voice, data, IoT, maritime, aviation, and government connectivity. With ~80 satellites and a 5% revenue CAGR, robust gross margins, and expanding product suites like Iridium Certus and D2D services, the firm stands out in mission-critical communications and Earth-to-device innovation.

While we acknowledge the potential of IRDM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.